BATS Faced Revolt Over IPO

Exchange Operator Pulled Its Own Listing Due to Legal, Credibility Concerns

By

Jenny Strasburg,

Randall Smith and

Scott Patterson

Updated March 26, 2012 1:05 p.m. ET

BATS Global Markets Inc. killed its initial public offering Friday to head off possible litigation and minimize damage to the computerized stock exchange's credibility on Wall Street, people familiar with the matter said.

A glitch Friday morning disrupted trading of the stock within seconds of its debut and shattered confidence in the exchange, and BATS pulled its IPO amid intense pressure from would-be holders, the people said. The...